A test platform for the development of a national cryptocurrency has been launched in the United States

A group of US banks and financial organizations has launched a test platform for issuing the Regulated Liability Network (RLN) digital dollar, which operates on the blockchain. The founders of the CBDC platform include: HBSC, Mastercard, Wells Fargo, BNY Mellon, Citi, TD Bank, and SWIFT.

According to the representatives of the Regulated Liability Network, at the current stage, RLN is working in a test mode for «proof of concept». The pilot project will last 12 weeks. Currently, banks are planning to issue US CBDCs, but «the concept can potentially be expanded to issue various cryptocurrencies and stablecoins.»

«The project will use only modeled data for now. It is not intended to promote any policy decisions and is not a signal that the Fed is preparing for the mandatory development and issuance of a government digital currency ,» RLN representatives emphasized. The Fed Board of Governors is still debating the feasibility of launching a digital dollar. At the end of October, official Christopher Waller spoke out against the CBDC, as he is convinced that the state stablecoin will not bring any benefit to the country.

Proponents of the launch of a public stablecoin believe that the digital asset will help ensure the dominance of the US dollar, as many countries, including China, are actively testing and implementing their own digital currencies. However, there are concerns that hundreds of billions of dollars will be withdrawn from the US banking system after the introduction of CBDC.